About half a decade after the transition of Chief Obafemi Awolowo (1909 - 1987) the family of the renowned Nigerian statesman concluded preliminary work on the creation of a public institution through which to immortalize, in a scholarly and systematic fashion, the memory and thoughts of the man popularly called "AWO".

The Foundation was conceived as an independent, non-profit, non-partisan organization committed to furthering the symbiotic interaction of public policy and relevant scholarship with a view to promoting the overall development of the Nigerian nation and launched by General Ibrahim Babangida, former President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria at an impressive ceremony on Saturday 11th April, 1992 at the Liberty Stadium, Ibadan.